Tag: entrepreneur profile assessment

An entrepreneur profile assessment helps you asses all the roles of an entrepreneur. An entrepreneur takes on many different roles when starting a small business. They have to manage money, manage employees, plan their business, ensure they are complying with laws, keep up with changing markets and more. One reason small businesses often fail is because the owner lacked the necessary skills. Assessing your strengths and weaknesses as an entrepreneur can help you determine which areas you need help in. Luckily for us we live in an age where if we lack certain skills we have the option to learn it or pay someone else to do it. When debating whether to hire someone to perform the task or to learn the task and do it yourself, keep in mind learning a new skill takes time and effort. Sometimes its better to stick with what you are good at and what you enjoy doing.

Assessing your strengths and weaknesses

As an entrepreneur you should be able to determine what areas are your strong points and what areas you need help with. It is a good idea to get other peoples’ perspectives as well. Ask friends and family what they think your weakness and strengths are. They may see something in you that you don’t. Below is an Entrepreneur Profile Assessment that will help you asses what areas in your business you may need help with.

Customer Service

Are you a people person? Are you able to negotiate a sale? Do you like helping people? Can you keep your calm when dealing with customer complaints? Whether it’s dealing with customers or suppliers a good entrepreneur should be able to work with all personality types.

Is this your Weakness?It is important to keep good relationships with your customers because if it weren’t for them your small business would fail. If you lack people skills you can choose to hire an employee to handle the customer service. You can also take classes to improve in this area.

Budgeting

Are you able to effectively manage your small business budget? With limited funds and various business expenses being able to work with a budget will help prevent overspending.

Is this your Weakness?If you lack skills in budgeting and money management consider hiring a financial planner.

Marketing

Can you utilize a marketing strategy that will bring profits to your Small business? Can you keep up with the competition and changing markets?

Can you effectively hire and manage employees? Are you able to motivate employees and delegate tasks?

Is this your Weakness?If you lack management skills you should consider hiring a manager or taking a class to improve in this area. Read hiring employees and managing employees for tips.

Accounting

Financial Statements, taxes and bookkeeping are all responsibilities of the entrepreneur. If you lack accounting skills consider hiring an accountant.

Is this your Weakness?When running a small business you will be dealing with lots of numbers. If you lack accounting skills consider hiring an accountant. You can also purchase small business accounting software to help you in this area.

Market Researcher

Can you conduct market research to find out if there is enough demand for your small business idea? Can you research trends?

Is this your Weakness?Researching information takes time and effort however it can make all the difference to the success of your small business. Market research will provide you with valuable information about your potential and current customers and their wants and needs. If you lack skills in this area consider hiring a market research firm or take a market research class where you will learn about different research techniques to effectively collect data. If you are able to find a college near you that has available a market research class try asking the professor if he/she are looking for any projects for the students. Students are eager to earn credit for their class, and can perform the market research for you. Read the Market Research page for tips.

Motivated and Confident

You must be motivated and confident about your small business idea. If you are doing something you love that will help motivate you. You must be able to cope with stress. In the majority of small business success stories the owner had no doubt they would succeed. You must be able to bounce back from rejection.

Is this your Weakness?If you are not motivated and confident about your small business idea than you should hold off starting a small business at this time. Starting and running a small business is an emotional roller coaster ride. The work hours are long and often stressful. You must be persistent, dedicated, and confident in your business. If you don’t believe you can do anything you set your mind to figure out what is standing in your way and how you can fix it. You must eliminate any doubts you have in yourself, and your abilities.

Business Experience

Have you worked in a small business before? Are you prepared for the obstacles you may face?

Is this your Weakness?If you lack experience in the field of your business you can get a job in an existing business to gain experience. For example if you are opening a restaurant you should get a job in an established successful restaurant where you can learn the ins and outs of this business. When raising funds for your small business investors are reluctant on lending money to inexperienced entrepreneurs so gaining experience in a business will be helpful. An alternative is hiring a manager or partner who has experience and knowledge in your type of business. You can also get advice from small business professionals at a small business development center or SCORES center near you.

Comply with the Law

Are you able to get the permits and license you need for your small business? Are you able to choose a form of business ownership on your own?

Is this your Weakness?You can consider seeking services from an attorney who specializes in small businesses to ensure you are in compliance with the law. An attorney can help you decide on a form of business ownership as well. An alternative is going to town hall in your area and asking them what licenses and permits you need to operate your small business legally. You can also call local and state government offices to find out this information. You may also consider getting advice from small business professionals at a small business development center or SCORES center near you.

Time Management

Are you able to effectively manage your time? Are you a procrastinator? Are you able to meet deadlines? Being able to effectively mange your time will help you better manage your small business. Many entrepreneurs find that running a small business involves performing 10 days of work in 7 days.

Is this your Weakness?If time management is your weakness consider hiring an employee who can help you in this area. You can also develop a schedule to keep you on track to what needs to be accomplished. You can also read books on time management or take a time management class.